According to reports, in 2019, Delhi-NCR is one of the top seven markets which are forecast to record high net absorption of over 37 million sq ft.
There has been seen growth in Indian commercial real estate which resulted in strong growth momentum. Across top seven property markets, there has been 16% on-year growth in expected net office absorption for 2018 at over 33 million sq ft. These markets are expected to witness net absorption of over 76 million sq ft by the next two years, 2019 & 2020.
There are so many ongoing commercial projects and many are being launched in NCR and it is expected around 126 million sq ft supply over the next 3 years.
In the April-June quarter of current fiscal India’s position has been improving with an 8.2% GDP growth. This will result in a positive impact on the real estate market of India.
According to officials, this is a productive action by investing in creating more commercial office spaces to get the benefits the sector is offering.
There is a great demand for office space in these cities as these are occupied by immense corporate, MNCs, IT companies, and the likes.
One of the leading projects currently in NCR is Anthurium Noida, located in Sector-73, Noida developed by Canon Sundream Infra Pvt. Ltd. This is the best location of Noida and it will be Noida’s first green building. Anthurium is offering office spaces and retail spaces as there is a high demand in that particular area.
The high demand for office space in these cities will result in more IT hubs, which will ultimately bring the development. It has been observed that there is a rise in demand for non-IT office developments in the cities as well.